Mortgage Subrogation: Important Legal Aspects
Mortgage subrogation is a process by which a mortgage is transferred from one bank to another, generally in order to obtain better financial conditions. However, it is important to take into account some legal aspects before carrying out this procedure.
Requirements for Mortgage Subrogation
In order to carry out the subrogation of a mortgage, it is necessary that the new bank agrees to assume the existing mortgage debt, with prior approval from the original bank. Additionally, certain legal requirements must be met, such as submitting all relevant documentation and paying applicable fees.
Necessary Documentation
It is essential to have the mortgage deed, as well as the property purchase and sale contract and the simple note from the Property Registry. Likewise, the binding offer from the new bank and the certificate of outstanding debt for the original loan must be presented.
Fees and expenses
When subrogating a mortgage, it is important to keep in mind that certain expenses may be incurred, such as the subrogation commission, notary and registrar fees, and the corresponding taxes. These costs must be transparent and duly detailed in the contract.
Responsibility for Non-Compliance
It is important to keep in mind that, when subrogating a mortgage, the new bank assumes responsibility for the mortgage debt. Therefore, in the event of non-payment by the loan holder, the bank may demand payment from the new mortgagee, unless otherwise established in the subrogation contract.
Unfair terms
It is essential to carefully review the surrogacy contract to ensure that it does not contain abusive clauses. These clauses are those that impose unfavorable conditions on the mortgagee, such as excessive late payment interest or abusive commissions. If you detect any abusive clause, it is important to consult with a lawyer specialized in mortgage law.
Legal advice
Before carrying out a mortgage subrogation, it is advisable to have the advice of a lawyer specialized in mortgage law. A professional will be able to analyze the specific situation of each case and offer the best legal solution to protect the interests of the mortgagee. In this sense, lawyer Amaya Martín-Lagos Carreras (www.abogadagranada.com) has extensive experience in this type of procedures and can provide the necessary legal advice.
Conclusions
In summary, mortgage subrogation is a process that involves certain important legal aspects that must be taken into account. It is essential to have the necessary documentation, carefully review the surrogacy contract and ensure you comply with the established legal requirements. Likewise, it is advisable to have the advice of a lawyer specialized in mortgage law, such as Amaya Martín-Lagos Carreras, to guarantee a legal and transparent process.
